Exercise $9-14($Algo$)$ Conventional retail method $[$LO$9-4]$

Colonial Corporation uses the retail method to value its inventory. The following information is available for the year:

$\backslash$table$[[,$Cost,Retail$],[$Beginning inventory,$$380,000,$$$299,000],[$Purchases$,524,000,992,000],[$Freight$-$in$,27,000,],[$Net markups,,$39,000],[$Net markdowns,,$5,900],[$Net sales,,$990,000]]$

Required:

Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided.

Note: Round ratio calculation to $2$ decimal places $($i$.$e$.,0\mathrm{.}1234$ should be entered as $12\mathrm{.}34\%.).$ Enter amounts to be deducted with a minus sign.

$\backslash$table$[[,$Cost,Retail,$\backslash$table$[[$Cost$-$to$-$Retail$],[$Ratio$]]],[$Beginning inventory,$$,380,000,$$$,299,000,],[$Purchases$,,,,,],[$Freight$-$in$,,,,,],[$Net markups,,,,,$],[$Net markdowns,,,,,$],[$Goods available for sale,,,,,$],[$Cost$-$to$-$retail percentage,,,,,$\%],[$Net sales,,,,,$],[$Estimated ending inventory at retail,,,,,$],[$Estimated ending inventory at cost$,,,,,],[$Estimated cost of goods sold,,,,,$]]$